The increasing dominance of digital currency has led to the numerical outburst experienced today in the exchange industry. It’s becoming a daunting task to choose the right exchange or trading platform, especially for beginners. As a novice, you have to go through their reviews and home pages to know the one, best suited for your needs. It’s really not a simple task!
In this article, I will explain one interesting one called Binance; You’ll know,“how Binance operates”, the Pros and Cons of using Binance, the trading platform, a method of payment, along with some other vital information like security and others.
By the end of this review, you will have all the information you need to start trading on the exchange by yourself.
What is Binance?
Binance is an exchange that does ONLY crypto-to-crypto trades. This means that, fiat currencies such as Dollars (USD) or Euros (EUR are not accepted on its’ platform. Binance is regarded as one of the “Big Three” exchanges in the world, and it claims to have reached a record amount of 1 billion Altcoins traded daily. It is the largest exchange in Altcoin trading. Binance was first traded in July 2017 and was originally domiciled in China. The strict cryptocurrency regulations in China compelled the management to shift base to Japan; a country so much enthusiastic about digital currency
- Binance has both simple and Advanced exchange interfaces, these make it simple for starters to carry-out easy to-do trades and make available to the experienced users,a platform to explore multiple features. The interfaces are compatible with the following: Web, iOS, Android, HTML5, WeChat and PC client
The owner of Binance is called Changpeng Zao, popularly called “CZ”. Mr Changpeng Zao built the trading system used in the Tokyo stock exchange. I guess you have known the reason while Binance is a successful venture today.
Changpeng Zao formed the word “Binance” from the combination of binary and finance. So, if you need a beautiful name for your business, meet Mr Changpeng Zao.
Binance started by raising $15 million via an initial coin offering (ICO) and investors were given crypto token called the “Binance Coin (BNB)”. BNB is a token built with Ethereum smart contract. Binance has grown by leaps and bounds, to the extent that, in January 2018, an embargo was placed on new account registration. It’s on record that, Binance is the only exchange that has recorded 240,000 new account applications in one day.
Why is BINANCE the next big thing?
Unlike many crypto exchanges, Binance has an existing business philosophy. The business philosophy of “let’s make a platform for all people”. It doesn’t matter your background; you can join their business train.
Here are some of the Pros you will enjoy when using its’ platform
Huge list of altcoins: Binance’s platform can boost of over 1500 individual altcoins being traded every day. This is another reason why Binance is so popular.
Low fees: One of the things, users of this platform enjoy is low fees; don’t forget, Binance allows only crypto-to-crypto trading; the intermediary is cut-off here. Traders are charged 0.1% on every trade which is inconsequential. Deposits are free, and trading with Binance coins attract 50% discount. Please, note that withdrawal is not free. The amount to deposit is limitless. Please also note that withdrawal of large sums, up to 2 BTC requires formal identification and verification.
Reward System: Regular traders on Binance platform win prizes and discounts. When trading with Binance, you get a whopping 50% discount, AMAZING! I leave you with this fun fact: “Binance is a rewarder of those who diligently seek it”.
Security: If you’re still wondering “is Binance safe, will my money be safe? “Security apparatus of Binance is legendary. The web interface usesthe “Cryptocurrency Security Standard (CCSS)” to secure user accounts.
The issue of security is not being treated with a gloved hand, no wonder, it’s mandatory to set-up your account with two-factor authentication (2FA). Extra security checks are being carried out regularly.
High Volume Trading: I mentioned earlier that over a billion altcoins are traded every day. Trading is of high volume, and that’s why it’s harder to get sellers for low volume if one wants to buy. For example, if you’re going to buy 0.001ETH, this is not the right place for you. The technology supports up to 1.4 million transactions per second!
Customer Support: It’s always a mixed feeling here, of what customer support is up to, but the general feeling is that the delay in responding to queries. This is one key thing; the management heeds to sort-out. I stopped using a similar exchange because they failed to respond to my query for days. A popular exchange like Binance doesn’t have phone support, but only haveemail and live chat for its’ support services.
No Fiat Deposits: Binance doesn’t allow fiat currencies such as USD and Euros to be used in trading. This gives beginners a little bit of challenge because they have to do a conversion for those who don’t have any crypto account before trading. These are two issues; the management needs to address. But the later one is going to be resolved soon, as they plan in near future to allow EURO deposits as well EURO/Cryptocurrency trading pairs.
Binance’s trading platform is web-based. As stated earlier, the platform offers two distinct trading options, a simple one and a “Pro” version. The difference is that pro version contains a lot of features like trading margin. I guess this is one of the things that made Binance popular. Before you can trade, you need to open an account; visit “Binance homepage” for further details. For beginners, go through the trading guide before trading. The trading guide will show you step by step on how to deposit fund and how to trade on Binance.
Methods of payment
Since Binance doesn’t allow the use of debit or credit card, the easiest way is to buy popular cryptocurrencies like Bitcoin (BTC) or Ethereum (ETH), These two cryptocurrencies are readily available and easily trade with any fiat currency.
If you have read this article, you will agree with me that, Binance is one of the best cryptocurrency exchanges in the market today.
Binance is a real gem in the world of cryptocurrency exchanges. Cryptocurrency eXchange market is full of hype, and sometimes what you see on the homepage,is a detachment from the happenings in the real world: I have seen so many crypto exchanges displaying technical whitepaper and good looking website but without really having a BUSINESS DEVELOPMENT blueprint. Binance is business oriented. Binance’ business model, is an indication of how visionary the management team is and with the listing of more cryptocurrencies in its platform, the market has no limits for Binance.
To be part of this eXchange business of our time, visit www.binance.com